Digital risk processing platform Cytora has partnered with international weather information and data management company Pelmorex Corp to provide commercial property underwriters with deeper insights into climate-related risks.
Through its integration with Pelmorex Corp – which operates across Europe, North America, LATAM, India and Australia – commercial property insurance underwriters will be able to instantly access accurate and localized climate and weather prediction models through Cytora’s platform.
Insurers will be able to analyze risk more rapidly and accurately by incorporating changing weather patterns due to climate change. This enhanced capability will allow insurers to leverage data more extensively across various business areas, such as risk clearance, onboarding, and triage.
Furthermore, it streamlines multi-step workflows, from submission to quote, ultimately increasing efficiency and effectiveness throughout the insurance process.
Juan de Castro, COO at Cytora, said: “Commercial property insurance is becoming increasingly complex and difficult due to the rise of extreme weather driven by climate change. To combat this we need to arm insurers with more granular, accurate and real-time data to help them make the right decisions.
“This is why Pelmorex Corp is such an important integration for Cytora. It is one of the world’s largest weather data providers and has a host of powerful predictive models that are vital to risk assessment.”
Mark Gibbas, Managing Director of Enterprise Weather Solutions at Pelmorex, commented: “Pelmorex is excited to be partnering with Cytora to bring our climate risk intelligence data to the Cytora platform.
“While climate change has been progressing for the past several decades, over the most recent 10 years there has been significant increase in the frequency of high impact weather events caused by climate change, and as a result, insurers need more accurate and up to date weather and climate risk intelligence to properly balance their insurance products”
Cytora’s partnership with Pelmorex Corp is the latest in a series of partnerships the company has signed as part of its mission to build one of the world’s most comprehensive data ecosystems for insurers.
The partnership follows a period of substantial growth for Cytora, marked by several key achievements, including a major collaboration with Chubb, expanding their partnership with Arch into North America, and launching a cutting-edge platform enhancement.
This new enhancement combines Large Language Models (LLMs) with Cytora’s own AI to significantly improve efficiency in risk assessment, underwriting, and claim management processes.
